The results are still coming in. However, it is expected that the poll findings will support the long-standing assumption that coal mining is the prime ground stability risk that conveyancers need to be concerned about.

Beyond this, it is typically considered that properties across Wales and the North East are the most likely to be affected. Yet such assumptions are causing some conveyancers to ignore the mining alerts triggered when ordering searches against their client’s properties; assuming that they are safe.

Rather worryingly, examples of sinkholes opening up miles away from these traditional coal mining sites are beginning to suggest that this is far from the truth, as recently seen in Cheltenham, Liverpool, Sudbury and London.

There are over 60 mining hazards impacting ground stability in our towns and cities

The latest TerraSearch products from Terrafirma are challenging this perception too. Drawing on Terrafirma’s specialist knowledge in the innovation and provision of mining-instability risk assessment, the TerraSearch product suite analyses coal mining risks alongside an additional 55 mining hazards to reveal a fuller picture of ground stability in our towns and cities.

The following TerraSearch® products are now available on tmconvey to order against residential properties :

• TerraSearch® Coal Extra is a regulated ‘Con29M-Compliant’ coal mining search offering an equivalent to the Coal Authority report, including a professional opinion of all coal mining risks and CON29M questions and additionally alerting to 55 further mining hazards.

• TerraSearch® Assess is a single search that comprehensively assesses the risk to a site (property and land) from all 60 mining hazards, including past, present and planned extraction.

Both TerraSearch® Coal Extra and TerraSearch® Assess include additional professional interpretations, as well as a TerraSearch® Coal & Brine Report Indemnity Policy up to £50,000 loss in market value of the property (in the event that a conclusion changes based on the addition of new data), and £10 million liability per report in the event of wrong or missing information.

TerraSearch® Coal Extra and TerraSearch® Assess are also supported by a TerraSearch® Alert, which is now available on tmconvey and can be switched on by your Account Manager.

Get in touch with your Account Manager for more information.

Don’t forget…

Find out if you are making dangerous assumptions about local mining risks

Take part in our quick poll “What percentage of all mining-related ground stability risks does coal mining account for?” and find out if you too are making dangerous assumptions about local mining risks.

If you’ve ever heard the saying ‘sitting ducks’, you’ll know we’re referring to easy targets. Unfortunately, this rings true for the majority of home movers, as findings show that a staggering 83% are ‘cyber blind’ to the risks posed by Friday afternoon fraudsters.

According to the latest Home Moving Trends report, published by tmgroup in partnership with the Property Academy, only 17% of clients consider transferring funds to their conveyancer to be a high-risk phase of the property transaction.

Capturing the opinions of over 14,000 home movers, the bottom line is that a vast number of property transactions are at risk of ‘Friday afternoon fraud’ every week; a stark warning to all conveyancers. For an industry that has already witnessed a number of high-profile incidents this year, including the Howard Mollett case, it’s not good news.

With fresh reports of fraudsters impersonating law firms continuing to appear in the Bold Legal Group (BLG) bulletin, it’s also clear that the problem isn’t going away any time soon.

It seems it’s no longer enough for conveyancers to simply include fraud and cyber crime messages in their welcome packs and assume that their clients are reading them. As the latest Home Moving Trends findings reveal, only 54% of clients claim to have read every word of their paperwork.

As Paul Albone, Managing Director at tmgroup, comments:

“With ever-savvier cyber criminals targeting the conveyancing world, assuming that every client is aware of every risk is no longer an option.”

With so much at stake, conveyancers need to be building checks into their processes to make sure their clients are fully aware of cyber crime threats and that they understand them. In many cases, this could be as simple as reiterating key messages in follow up calls and appointments, alongside awareness messages into email signatures.

Paul Albone, Managing Director at tmgroup, continues:

“As these statistics reveal, conveyancers need to be mindful of the fact that it is their responsibility to convey these risks to their clients – not merely as a conveyancing exercise, but in an attempt to eradicate this kind of fraud from the market, and reduce the level of risk to their firm, their reputation and their bank balance.”

Download the latest Home Moving Trends report to find out more

These findings were taken from the latest Home Moving Trends report, based on a survey of 14,389 home movers conducted by the Property Academy in partnership with tmgroup.

‘All in one’ environmental reports are making it quicker and easier for conveyancers to report next steps back to their clients – without compromising on quality.

By combining several key data sources and presenting necessary actions clearly, ‘all in one’ environmental reports such as Groundsure Avista and Landmark RiskView Residential are making time-consuming interpretation a thing of the past.

This is mostly due to the sheer breadth of information included, which enables conveyancers to order just one environmental report whilst still performing due diligence for their clients.

A further benefit of these ‘all in one’ environmental reports is that all of this information is presented with a snapshot summary of actions, which makes it easier for conveyancers to know what to do next.

For example, Avista Action Alert presents conveyancers with a clear 1-5 rating. This acts as a useful visual image providing immediate understanding of the outcomes of the report.

This also helps conveyancers to prioritise their work, as they frequently receive several reports on the same day, which can make it challenging to decide which one to read first.

The clear risk rating enables conveyancers to prioritise their work at a quick glance and feel confident that all of their property transactions are progressing.

Simple summary pages make it easier for conveyancers to feedback to clients

The clear presentation of each summary page also makes it far easier for conveyancers to digest next steps and pass key findings onto their clients.

RiskView Residential further supports this by providing an online viewer for conveyancers to share with their clients.

These features help to remove some of the delays typically associated with interpreting lengthy reports, and further streamlines the conveyancing process.

A wealth of data available at a reasonable price

Despite the wealth of benefits available in these ‘all in one’ reports, the ordering costs are surprisingly reasonable; Groundsure Avista comes in at an RRP of just £79+VAT, and Landmark RVR has an RRP of £83.00+VAT.

Compared to the price of ordering all of this information in multiple reports, and the time spent reading through them all, these latest offerings provide significant time and cost savings for the conveyancing sector. The shorter length of the reports also mean that it is quicker and cheaper to print when needed.

Simon Wood, Sales Director at tmgroup, comments:

“The availability of these ‘all in one’ environmental reports have marked an innovative step forward for conveyancing efficiency, making it quicker and easier for conveyancers to review key findings quickly” without compromising on quality.”

“It is clear that conveyancers’ needs are at the heart of these latest reports too, with features such as the clear 1-5 rating responding specifically to the on-going challenges faced by conveyancers in prioritising their clients competing interests.”

Try an ‘all in one’ environmental report today

Groundsure Avista and Landmark RiskView Residential are available to order now through the new tmconvey platform.

Since our National Conference back in February, cyber crime incidents have continued to make the headlines; from the WannaCry ransomware attack to the recent attack on DLA Piper.

To help support your on-going efforts to protect your law firm from cyber criminals, we have launched a new series of webinars, featuring expert advice on the current risks all law firms need to be aware of.

These pre-recorded webinars are available now on the tmgroup Webinar Hub for you to watch and share with your team at your own convenience.

The European Union’s Fourth Anti-Money Laundering Directive (EU4MLD) has been implemented into UK law as of 26th June 2017. Relevant legislation includes the Money Laundering Regulations, Policing and Crime Act and the Proceeds of Crime Act. The directive includes fundamental changes to AML procedures at law firms, including changes to Customer Due Diligence (CDD) and a strong focus on risk assessments.

What is changing?

Under EU3MLD and the current Money Laundering Regulations, firms could automatically apply simplified CDD under certain circumstances. Under the new regulations, firms will be able to use these circumstances as a partial justification for simplified CDD only after conducting a documented risk assessment.

Exemption from enhanced CDD is no longer automatic, a decision to apply simplified CDD will need to be evidenced by a documented risk assessment and include PEP and Financial Sanctions screening. Local politically-exposed persons (PEPs) must now be identified and will be subject to the same scrutiny as foreign PEPs. The regulations direct firms to develop risk-based policies, and practitioners to conduct client risk assessments as a part of their CDD.

tmgroup are pleased to announce that the new Groundsure Avista environmental report is now available on tmconvey.

This concise report intelligently filters datasets to produce a clear and comprehensive risk report for the residential market. Avista also offers a new level of clarity by only presenting conveyancers with the key issues requiring further attention.

This helps conveyancers to save time, as they don’t have to sift through a lengthy report in order to determine next steps and key findings; recommended actions are clearly visible, ready for a discussion with their clients.

Each report also includes an easy to read summary page for peace of mind, confirming the full list of data points checked against the property.

Key features include:

• Seven reports in one: Avista combines seven environmental searches covering the key residential property purchases risks, including 10 years of planning applications. This helps to minimise the risk of missed issues, as well as reduce delays caused by ordering further reports.

• Improved accuracy and pass rates: Avista reports are based on Land Registry polygon data as standard for the highest level of accuracy, with 106 million data points being analysed to significantly improve pass rates.

• The average report is less than 20 pages long: The average Avista report is less than 20 pages long, making it simple for conveyancers to hone in on what’s important.

• Review next steps with a quick glance: The Avista Action Alert saves transaction time and trouble by providing a simple visual guide to the complexity of the environmental factors associated with a property.

About Groundsure Avista

Groundsure is a leading provider of environmental reports including land contamination, flooding and ground stability. Avista is their latest product, offering a comprehensive risk report with seven key environmental searches.

The new Groundsure Avista environmental report is now available to order through tmconvey.

tmgroup are pleased to announce that the new Groundsure Avista environmental report will be available on tmconvey from Tuesday 6th June 2017.

This concise report will intelligently filter datasets to produce a clear and comprehensive risk report for the residential market.

Each report will include an easy to read summary page for peace of mind, confirming the full list of data points checked against the property. Avista also offers a new level of clarity by only presenting conveyancers with the key issues requiring further attention.

This will help conveyancers to save time, as they will not have to sift through a lengthy report in order to determine next steps and key findings; recommended actions will be clearly visible, ready for a discussion with their clients.

Key features include:

• Seven reports in one: Avista combines seven environmental searches covering the key residential property purchases risks, including 10 years of planning applications. This will help to minimise the risk of missed issues, as well as reduce delays caused by ordering further reports.

• Improved accuracy and pass rates: Avista reports are based on Land Registry polygon data as standard for the highest level of accuracy, with 106 million data points being analysed to significantly improve pass rates.

• The average report is less than 20 pages long: The average Avista report is less than 20 pages long, which will make it simple for conveyancers to hone in on what’s important.

• Review next steps with a quick glance: The Avista Action Alert saves transaction time and trouble by providing a simple visual guide to the complexity of the environmental factors associated with a property.

About Groundsure Avista

Groundsure is a leading provider of environmental reports including land contamination, flooding and ground stability. Avista is their latest product, offering a comprehensive risk report with seven key environmental searches.

The new Groundsure Avista environmental report will be available to order from tmconvey on Tuesday 6th June 2017.

Here, we’ve answered some frequently asked questions to help you understand exactly what these changes and implications mean for your firm:

What do the regulations mean?

• There is no longer an automatic exemption from undertaking Enhanced Due Diligence

If, like many firms, you simply take a copy of a Client's identity documents, your procedures and processes are likely to have to change significantly to be able demonstrate your compliance with the new regulations and laws.

The regulations are clear – there is no longer an automatic exemption from undertaking Enhanced Due Diligence, as opposed to Simplified Due Diligence, which has often been carried out by simply obtaining a copy of a Client's Identity documents, for example a Passport and Driving License.

• Firms will be required to evidence they have identified the Client and screened them against alert sources

After 26th June, you will need to demonstrate compliance by being able to evidence that you have risk assessed clients in accordance with the regulatory requirements. Therefore, clients who would have previously been on-boarded using Simplified Due Diligence must be Risk Assessed, with a minimum requirement of documenting and confirming the Clients Identity and electronically screening them for Financial Sanctions and Politically Exposed Persons (PEP) – including UK nationals.

• Additional requirements for on-going due diligence monitoring

There are additional requirements for the period of time that your firm will have to be able to demonstrate and deliver up to regulators your compliance records in relation to specific clients, on-going due diligence monitoring and how long records may be kept.

What are the penalties for failing to comply?

The penalties for failing to comply with obligations under the new regulations have been increased.

In addition to penalties that can be imposed by regulators and other legislation, the Policing and Crime Act 2017 has increased fines up to £1,000,000 and prison sentences from 2 to 7 years; where 'the person has breached a prohibition, or failed to comply with an obligation, that is imposed by or under financial sanctions legislation'.

AML Search v4 has been designed to meet and exceed Anti-Money Laundering compliance requirements including but not limited to;

• Fourth European Money Laundering Directive (EU 4MLD)

• United Kingdom Money Laundering Regulations/Laws

• Joint Money Laundering Steering Group (JMLSG)

• The Law Society

• The Solicitors Regulatory Authority (SRA)

• Financial Conduct Authority (FCA)

• International Bar Association (IBA)

• Financial Action Task Force (FATF)

• Council of Mortgage Lenders (CML)

• Sarbanes–Oxley

• Risk Assessments

Regulations make it mandatory for firms to carry out Risk Assessments on their Clients as a part of their Client Due Diligence (CDD).

AML Search v4 automates Customer Due Diligence Risk Assessments to enable your users to simply and quickly enter Client data, include documentary evidence and carry out a Risk Assessment and Simplified or Enhanced Due Diligence in a few minutes.

AML Search v2 provides Enhanced Customer Due Diligence Searches which are fully compliant with the new regulations. There are however other changes that you need to consider including how you will carry out Risk Assessments, On-Going CDD, record keeping and reporting in order to demonstrate your firm’s compliance.

Can I continue to use AML Search v2?

Yes.

It is recommended that you review your Risk Assessment procedures in line with the new regulations. The regulations stipulate that there is no longer an exemption from Enhanced Due Diligence. Therefore, clients who would have previously been on-boarded using Simplified Due Diligence must be Risk Assessed, with a minimum requirement of documenting and confirming the Clients Identity and electronically screening them for Financial Sanctions and Politically Exposed Persons (PEP) – including UK nationals.

AML Search v2 already provides all of the features for enhanced CDD with the exception of documented Client Risk Assessments which must be carried out manually by firms if using AML Search v2 – AML Search v4 provides fully automated Risk Assessments.

Should I review our Risk Assessment Criteria and Procedures?

Yes.

There are significant changes in the regulations as to how you are required to Risk Assess your Clients, carry out On-going Due Diligence, how quickly firms must demonstrate their compliant procedures and how long records can be kept.

Why should I upgrade from AML Search v2 to AML Search v4?

AML Search v4 extends the features of AML Search v2 adding robust compliance tools to reduce the time and cost to firms of implementing, maintaining and running compliant AML procedures.

These include automated Client Risk Assessments, Simplified and Enhanced Due Diligence for individuals and organisations (UK and International).

This means that you can complete the process of carrying out a Risk Assessment and Customer Due Diligence by running an AML v4 Risk Assessment, ensuring you can demonstrate compliant procedures across all users.

AML Search v4 also includes your real-time compliance status and reporting, on-going due diligence monitoring, which ensures your client due diligence is always up-to-date, document, file and archive management to ensure you meet the new record keeping criteria.

A website is often the first place a potential client will visit when selecting a conveyancer, and is a great opportunity to convert new business – but only if it is done well.

Ahead of our next series of Property Workshops “What Your Customers Really Want”, Rich Dibbins at Conscious Solutions looks at the key questions you need to ask to ensure your website is the best that it can be.

When did you last update your website?

The old saying “you only have one chance to make a great first impression” is a key consideration when reviewing your law firm’s website.

Customers shop around when looking to instruct professional services, and if they land on a generic, outdated website, they are likely to experience a drop in confidence and look elsewhere.

Technology doesn’t stand still for long, and something that looks “top of the range” one month can quickly look outdated the next, so it is important to regularly review your website – especially if you notice a drop off in performance in your paid advertising campaigns.

As a benchmark, Top 100 law firms tend to update their websites every 12-18 months, while most Top 200 law firms make improvements every couple of years.

Do you know what you are trying to achieve with your website?

If you do not have a clear strategy for what you are trying to achieve with your website, it can hinder your results.

There are 2 types of websites law firms typically use:

• Lead generation – This type of website is a shop window that potential clients visit to find out more about your firm, as well how to get in touch. This supports a Business to Consumer (B2C) approach, and needs to sell the firm’s benefits and be easy to use.

• Brochure site – This type of website exists for verification purposes in order to reassure a referred client of the firm’s existence. It supports a Business to Business (B2B) approach, while also presenting an opportunity to build trust in the brand.

Thinking about which approach is best for your law firm and adapting your messages accordingly can help to support your wider business strategy.

Is it easy for your prospects to find the information they need?

Moving house is well recognised to be one of life’s most stressful experiences, so don’t add to the stress by making it difficult for prospects to find the information they need on your website.

They are coming to you with a problem, and they need to feel confident that you will handle it in the best and most cost-effective way.

With this in mind, you should ensure your services and benefits, as well as your contact details are clearly summarised and easy to find on your home page.

Register for our Property Workshops to find out more

If you would like to find out more from Rich Dibbins about getting the customer journey off to a great start, register for one of our upcoming Property Workshops; where he will be presenting alongside Clare Yates (tmgroup) and various speakers from Shopper Anonymous about “What Your Customers Really Want”.